• FIS teams with Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) to launch the capital market industry’s first derivatives post-trade utility solution.
• The solution will allow investment banks worldwide to share IT services and resources, thus reducing costs and increasing efficiency.
FIS™, the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions, today announced the launch of the capital markets industry’s first derivatives post-trade utility solution in partnership with Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB).
This IT platform allows investment banking firms worldwide to share IT services for cross-asset derivatives. The sharing by corporate and investment banks of their activities and resources, from trade booking to sub-ledger management, reduces their unit cost of execution and increases efficiency.
The utility combines the existing platform of Crédit Agricole CIB with the large-scale and deep financial services capabilities and expertise of FIS and was designed to meet the needs of corporate and investment banking firms.
“The launch of this innovative relationship with Crédit Agricole marks a unique and major stepping stone in the creation of a post-trade solution for the broader investment banking industry. We believe it represents a unique and attractive asset, which has broader applicability for clients across the global investment banking landscape making it a utility solution,” said Rob Heyvaert, corporate executive vice president, Global Financial Institutions, FIS. “In addition, our partnership with Crédit Agricole shows the significant value FIS can deliver to capital market firms through the combination of our technology, managed services and capital markets consulting expertise.”
“This partnership with FIS fits perfectly with our strategic plan and makes sense for corporate and investment banks who seek economies of scale. It is a new way of considering IT and will allow Crédit Agricole CIB to be nimble in a rapidly changing industry,” said Jean-Yves Hocher, Chief Executive Officer of Crédit Agricole CIB. “We are confident this project will be a great success thanks to the depth of expertise FIS as a global provider focused solely on the financial services industry.”
FIS (fisglobal.com) is the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 40,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 426 on the Fortune 500 and is a member of Standard & Poor’s 500™ Index. For more information about FIS, visit fisglobal.com.
About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)
Crédit Agricole CIB (ca-cib.com) is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s No. 8 largest bank by total assets (The Banker, July 2014). The Bank offers its clients a comprehensive range of products and services structured around five major divisions:
• Client Coverage & International Network
• Global Investment Banking
• Structured Finance
• Global Markets
• Debt Optimization & Distribution
The Bank provides support to clients in large international markets through its network with a presence in major countries in Europe, America, Asia Pacific and the Middle East.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2013, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
Contact: Louise Tingstrom, Crédit Agricole CIB
P: +44(0)78 9906 6995 - E: louise.tingstrom[.]bladonmore.com.